PTC Therapeutics (NASDAQ:PTCT) Trading 6.1% Higher Following Analyst Upgrade

PTC Therapeutics, Inc. (NASDAQ:PTCT)’s share price was up 6.1% during trading on Monday after Cantor Fitzgerald raised their price target on the stock from $76.00 to $113.00. Cantor Fitzgerald currently has an overweight rating on the stock. PTC Therapeutics traded as high as $48.44 and last traded at $48.70. Approximately 85,379 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 589,659 shares. The stock had previously closed at $45.88.

A number of other brokerages have also weighed in on PTCT. JPMorgan Chase & Co. boosted their target price on PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Robert W. Baird increased their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada upgraded shares of PTC Therapeutics from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $39.00 to $63.00 in a report on Tuesday, December 3rd. Wells Fargo & Company boosted their target price on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Finally, Barclays raised their price target on PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, PTC Therapeutics presently has an average rating of “Hold” and a consensus price target of $57.85.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CAO Christine Marie Utter sold 17,800 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $51.77, for a total transaction of $921,506.00. Following the completion of the sale, the chief accounting officer now directly owns 52,428 shares of the company’s stock, valued at $2,714,197.56. This trade represents a 25.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Neil Gregory Almstead sold 69,550 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the completion of the sale, the insider now owns 86,202 shares in the company, valued at approximately $4,487,676.12. The trade was a 44.65 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,737 shares of company stock worth $10,920,687. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. lifted its stake in PTC Therapeutics by 945.6% in the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock worth $21,364,000 after purchasing an additional 643,960 shares during the last quarter. Parkman Healthcare Partners LLC purchased a new stake in shares of PTC Therapeutics in the third quarter worth approximately $7,234,000. Millennium Management LLC lifted its stake in shares of PTC Therapeutics by 123.2% during the 2nd quarter. Millennium Management LLC now owns 317,579 shares of the biopharmaceutical company’s stock worth $9,712,000 after acquiring an additional 175,289 shares during the last quarter. State Street Corp boosted its holdings in PTC Therapeutics by 5.4% during the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after acquiring an additional 149,700 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in PTC Therapeutics by 32.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 492,464 shares of the biopharmaceutical company’s stock valued at $18,270,000 after acquiring an additional 119,637 shares during the last quarter.

PTC Therapeutics Stock Up 9.0 %

The firm has a market cap of $3.86 billion, a PE ratio of -8.42 and a beta of 0.62. The business has a 50 day simple moving average of $45.93 and a two-hundred day simple moving average of $39.81.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.54) by $0.15. The company had revenue of $196.79 million for the quarter, compared to the consensus estimate of $173.51 million. During the same quarter in the previous year, the business earned ($1.76) EPS. Equities analysts forecast that PTC Therapeutics, Inc. will post -4.56 earnings per share for the current year.

About PTC Therapeutics

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.